#OwnGrowProtect Blog

Market & Mortgage News - Week of Nov. 07, 2011, Edmonton and Calgary

Term Rates
1 Year 2.89%
2 Year 2.49%
3 Year 3.09%
4 Year 3.09%
5 Year 3.29%
7 Year 4.59%
10 Year 4.99%

ARM / Variable 2.90%
Line of Credit 3.50%

Qualifying Rate 5.29%
Prime Rate 3.00%

Market News

Canadian stocks fell more that 1 percent on Wednesday, with resource companies reeling, as a
spike in Italian bond yields sparked fears Europe’s debt crisis has entered a dangerous new phase that will threaten global growth.

At midday on Wednesday, the Toronto Stock Exchange’s S&P/TSX composite
index was down 151.34 points, or 1.2 percent, to 12,337.51 after hitting a session low of 12,270.93, it’s lowest point in nearly a week.

With a debt burden of about 1.9 trillion euros, Italy is considered too difficult to bail out. An Italian default could send Europe careening into a recession and cause a domino effect across the globe. As the third largest economy in Europe, Italy is a big importer from China. A decrease in Italian importing could have a hugely negative impact on the chinese economy which is worrisom for the rest of the world.

Mortgage News

Edmonton led the province in housing startups last month, new Canada Mortgage and Housing Corp. figures showed Tuesday. Housing starts totalled 1,250 units for October in the Edmonton metropolitan area. The Calgary metropolitan area, Alberta’s second-hottest housing construction market, added 981 units in the month. Alberta in general and Edmonton in particular currently has a better outlook than most areas across the country and across the world and are poised for positive growth.

In Other News…*

First Foundation is going to the rodeo! We’re headed out to the Canadian Finals Rodeo for an evening of team building fun and let’s be honest, nothing says team building like tall hats and big buckles! We’ll be posting pictures of the team whooping it up cowboy-style – if you’re going to this great Edmonton event also, we’d love to hear about your experience and see your photos!

Jennifer Rochford
As the company’s first employee, Jennifer has been a Licensed Mortgage Associate since 2004, but her current role is not focused on mortgages. She is the resident blog writer and…